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HISTORY AND FUNCTIONS OF THE BANKERS
ASSOCIATION OF THE REPUBLIC OF CHINA (BAROC)
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The Bankers Association of the Republic of China (BAROC) was founded on August 9, 1983, based on the original structure of the Bankers Association of Taipei. Together with the Bankers Association of Taiwan and the Bankers Association of Kaohsiung, BAROC was formed in accordance with the regulations of the Commercial Association Law, and was approved by the Ministry of the Interior. Dr. I-shuan Sun was the first Chairman.
In January 1984, the Bankers Association of Taipei transferred the national banker association business to BAROC to allow it to take over its overall functions. On August 9, 1986, the second Board of Directors and Board of Supervisors were elected at the first session of the second General Assembly. Dr. I-shuan Sun was re-elected for a second term. On August 7, 1989, the first session of the third General Assembly was held. By that time, Dr. Sun had reached his two-term limitation as stipulated by law, and was succeeded by Mr. Y. D. Sheu. During the first session of the fourth General Assembly held on August 1, 1992, the new Boards of Directors and Supervisors were elected, and Mr. Sheu was re-elected Chairman.
On March 23, 1995, Mr. Sheu was appointed Governor of the Central Bank of China. Mr. K. H. Yeh, Managing Director of BAROC became acting Chairman. On August 5, 1995, Mr. James C. T. Lo was elected Chairman during the first session of the fifth Board. On August 14, 1998, Mr. Lo was re-elected Chairman during the first session of the sixth Board. On May 19, 2000, Mr. Lo retired from his position as Chairman of the Bank of Taiwan, and Dr. Yung-san Lee, Managing Director, became acting Chairman of BAROC. Dr. Lee was elected Chairman during the 20th session of the sixth Board held on July 20 of the same year. On August 17, 2001, the new Board of Directors and Board of Supervisors were elected at the first session of the seventh General Assembly; Dr. Yung-san Lee was elected Chairman of BAROC.
When Dr. Lee was appointed Finance Minister of the Republic of China on February 1, 2002, Mr. Mu-tsai Chen succeeded Dr. Lee as acting Chairman. On February 27, 2002, Mr. Chen was elected Chairman of BAROC during the sixth session of the seventh Board. Mr. Chen was elected Chairman of the China Development Financial Holding Corporation on April 22, 2004 and resigned from the chairmanship of BAROC on April 27, 2004. Gregory K.H. Wang succeeded him as acting Chairman. On September 17 of the same year, the first session of the eighth General Assembly was held in which the eighth Board of Directors and Board of Supervisors were elected with Shen-chih Cheng becoming Chairman of BAROC. On August 21, 2006, Mr.Cheng resigned from the chairmanship of BAROC¡C At the same day the first session of the eighth Board was held and Mr. Jer Shyang Tsai was elected Chairman of BAROC. On January 25,2007, Mr. Tsai resigned from the chairmanship of BAROC. Dr. Ten-Nan Hsu was elected Chairman during the 2nd session of the eighth Board held on February 8 of the same year.
As governed by the charter of BAROC, the aims of the Association are to assist the government in implementing economic and financial policies, to promote economic development, and to strengthen relationships among its members so as to improve their mutual benefits. Its main functions are:
01.To help implement economic, financial and monetary policies as well as commercial laws;
02.To study and balance the demand and supply of funds among various sectors in line with economic development;
03.To formulate and compile common rules and regulations relating to various businesses of its members;
04.To enhance communications, surveys, statistics, consultation, research, development and publications relating to national and international financial businesses;
05.To protect the legitimate rights of its members and to help settle disputes among them;
06.To promote the exchange, analysis, and reporting of credit information among its members and to establish the credit files of the major clients of its members;
07.To consolidate the planning of information systems among its members;
08.To strengthen mutual support, assistance, education, and interaction among the employees of its members, sponsor activities for the benefit of the public, and help implement service ethics and self-disciplinary measures;
09.To participate in international financial organizations and promote national diplomacy;
10.To conduct research and make recommendations in response to requests from the government or private organizations; and
11.To participate in various social and charitable activities.
To carry out the above-mentioned functions and tasks, the Association serves as a bridge between the government and member banks as well as between member banks and the general public.
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3F.,No 9, De-huei St., Taipei City 104, Taiwan, R.O.C.
TEL:(02)8596-2229 FAX:(02)8596-2228
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